ISLAMABAD: Pakistan has decided to accelerate the privatization of the Roosevelt Hotel in New York, one of its most valuable overseas assets.
The government has included the Roosevelt Hotel in New York in the active list of the National Privatization Program, signaling a fast-tracked process.
According to sources, the appointment of a financial advisor will be completed after Eid-ul-Fitr to move the privatization forward. US officials have shown interest in investing in the Roosevelt Hotel, particularly in its reconstruction and redevelopment.
An MoU has already been signed between Pakistan and the United States to prepare a joint plan for the deal, including cooperation in operation, maintenance, renovation, and development of the property.
The government will take a final decision on a potential joint venture after consulting the newly appointed financial advisor.
Global firms eye advisory role
Several international groups have expressed interest in becoming the financial advisor for the project.
Among them, American investment firm Morgan Stanley is reportedly keen to take on the advisory role, highlighting strong global interest in the high-value asset.
Officials estimate the current value of the Roosevelt Hotel at over $1 billion. However, after reconstruction into a modern multi-storey development, its value is expected to exceed $2 billion, significantly boosting Pakistan’s potential returns.
Islamabad airport outsourcing plan underway
Alongside the hotel privatization, Pakistan is also moving ahead with plans to outsource Islamabad International Airport in the coming months.
The airport will be offered through an open bidding process, with management expected to be handed over to a private consortium.
Authorities plan to develop Islamabad Airport as an alternative hub for Gulf countries. The outsourcing is expected to improve service quality and passenger facilities, marking a major shift in airport management.
Following Islamabad, the government plans to outsource Karachi and Lahore international airports as well. This broader strategy reflects Pakistan’s push to modernize infrastructure and attract foreign investment through privatization.
